Pensions

What are Auto-Enrolment Pensions?

Auto-enrolment pensions have been introduced by the Government to encourage a retirement savings culture in the UK.

All employers will be obliged to provide a workplace pension for all employees that meet a certain criteria. Starting with the largest employers in 2012, each employer will start to provide workplace pensions for their employees over the next six years. Recruitment Solutions are already in the scheme and all employees working through us will automatically be entered into the scheme (should they meet the criteria).

The criteria for qualifying for the auto-enrolment scheme is:

• that you are aged between 22 and state pension page
• that you work in the United Kingdom
• that you earn more than £9440 per year

It is possible for employees that do not meet the criteria to ask to be included into the scheme.

What will the contributions be?

Date	Total Minimum Contribution	Minimum Employer Contribution	Minimum Employee Contribution (including tax relief)
October 2012 to September 2017	2% of total salary	1% of total salary	1% of total salary
October 2017 to March 2019	5% of total salary	2% of total salary	3% of total salary
April 2019 onwards	8% of total salary	3% of total salary	5% of total salary

Useful Notes

• You will be automatically enrolled in the scheme, however, you have the option to opt-out of the scheme at any point if you don’t wish to make the contributions for any reason.
• If you are to opt-out, you will need to do so in the first month to get any contributions refunded back. If you were to opt-out after that, any contributions already made will stay in your pension pot.
• This workplace pension scheme is transferable between employers. If you were to work for different employers over the year, you can move this pension scheme to your new employer.

Recruitment Solutions have chosen The Peoples Pension to run our Workplace Pension scheme. For an in-depth look into the scheme, please visit their website https://thepeoplespension.co.uk/